Summary
This 8-K filing by Dominion Energy, Inc. (formerly Dominion Resources, Inc.) details the completion of its divestiture of exploration and production (E&P) operations. The most significant event is the final sale of its Mid-Continent basin E&P assets to Linn Energy LLC for approximately $2 billion, which occurred on August 31, 2007. This strategic move marks the culmination of the company's previously announced intention to exit its E&P business. In recognition of their efforts in executing this significant divestiture, the Compensation, Governance and Nominating Committee approved cash bonus awards for two executive officers: $1 million for Duane C. Radtke, Executive Vice President, and $500,000 for Thomas N. Chewning, Executive Vice President and Chief Financial Officer. These bonuses underscore the importance of this transaction to the company's strategic repositioning.
Key Highlights
- 1Dominion Energy completed the sale of its Mid-Continent basin exploration and production (E&P) operations to Linn Energy LLC on August 31, 2007.
- 2The sale generated approximately $2 billion in proceeds.
- 3The E&P assets sold included approximately 780 billion cubic feet equivalent of proved natural gas and oil reserves as of December 31, 2006.
- 4Executive Vice President Duane C. Radtke received a $1 million cash bonus for his performance in executing the E&P sale.
- 5Executive Vice President and CFO Thomas N. Chewning received a $500,000 cash bonus for his performance in executing the E&P sale.
- 6The sale represents the finalization of the company's announced divestiture of substantially all its E&P operations.